UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on ResMed

In a report published Wednesday, Morgan Stanley reiterated its Overweight rating on ResMed RMD, and slightly raised its price target from $32.95 to $33.37. Morgan Stanley noted, “While recovery in US device growth was observed, ROW device growth looked likely to continue deceleration from double-digit growth in FY11 to the low-single-digit growth reported in Q212 – the positive surprise of +7.0% in Q312 was impressive against the trend of ASP pressure in France and changes to PSG payment in Germany, and the stock is now priced for the positive level to continue.” ResMed closed on Tuesday at $31.56.